I've had mine for nearly a month now and I absolutely love it - it's been far better than I expected.
For example, I was able to use the hands free on the phone when I was walking the dogs in the pouring rain - my phone was in my coat pocket and even with my coat sleeve over the gear, I could hear and be heard clearly with my arm down by my side. Granted, I was in the middle of nowhere with no external noise (apart from the rain!), but I was very impressed with the performance of it.
I also find it incredibly useful to have a quick glance at notifications to see if I need to be bothered with doing something with them (and since the last update and all notifications can be brought across in full, it's even more useful)
I have also (surprisingly) found the camera to be better than I thought it would be - it's reasonable quality in decent light and great to use for those spur of the moment photos
The pedometer is also great, as is the stopwatch
Overrall, I would say no-one needs a galaxy gear in their lives, but if you can afford one, you may well find it better than you thought if you just rely on review sites